JPMorgan Chase & Co. (JPM) 8-K Results of Operations and Financial Condition

EXHIBIT 12.1

JPMORGAN CHASE & CO.

Computation of Ratio of Earnings to Fixed Charges

Six months ended June 30, (in millions, except ratios)	2006
Excluding Interest on Deposits
Income from continuing operations before income taxes	$	9,775
Fixed charges:
Interest expense		9,638
One-third of rents, net of income from subleases(a)		173
Total fixed charges		9,811
Less: Equity in undistributed income of affiliates		(76	)
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest	$	19,510
Fixed charges, as above	$	9,811
Ratio of earnings to fixed charges		1.99
Including Interest on Deposits
Fixed charges, as above	$	9,811
Add: Interest on deposits		7,669
Total fixed charges and interest on deposits	$	17,480
Income from continuing operations before income taxes and fixed charges, excluding capitalized interest, as above	$	19,510
Add: Interest on deposits		7,669
Total income from continuing operations before income taxes, fixed charges and interest on deposits	$	27,179
Ratio of earnings to fixed charges		1.55

(a) The proportion deemed representative of the interest factor.